Watches of Switzerland Group has grown its third quarter revenue by 27.9% year-on-year to £348.1 million after it benefited from strong demand for luxury items in the UK and US.
On a two-year basis, group sales were up 36.5%.
In the 13 weeks to 30 January, sales of luxury watches from brands such as Rolex, Patek Philippe and Audemars Piguet climbed by 21% as demand consistently exceeded supply.
Meanwhile, sales of luxury jewellery rose by 88.4% year-on-year due to a strong market, continued improvement in ranging, incremental growth from the group’s Betteridge acquisition, and the opening of its first Bvlgari boutique.
Looking at the UK, revenue was up 20.1% to £223.5 million in the period with the performance driven by a thriving domestic customer base and an omnichannel approach supported by increased digital marketing. Sales in the US rose by 44% to £124.6 million.
Watches of Switzerland said its strategy to expand in Europe is progressing after it secured six mono-brand boutiques in Sweden, Denmark and Republic of Ireland which will open in the new financial year.
